New money laundering accusations for global banking giant

19 Mar, 2013

After a hefty $1.2bn fine last year in the US, the banking group HSBC has been accused of yet more money laundering activity – this time in Argentina.

The Argentinian tax authorities have filed criminal charges against the bank for the alleged use of “fake receipts” in order to carry out tax evasion and money laundering, to the tune of 392m pesos ($77m; £50m).

In response HSBC said it was fully cooperating with the on-going investigation to “ensure a thorough review and appropriate resolution of the matter”.

This fresh round of money laundering accusations will be seen as a major embarrassment for the bank. Previously HSBC vowed to tighten-up its money laundering controls and systems to ensure it is fully compliant with the law. 

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